IOC signs MoU with Corporation Bank for establishment of ATMs

Published: Tuesday, April 29, 2008, 21:03 [IST]

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Mangalore, Apr 29 (UNI) Indian Oil Corporation Limited (IOC) and Public Sector Corporation Bank today entered into a Memorandum of Understanding (MoU) for setting up Bank's ATMs at select Indian Oil retail outlets across the country and for extension of financial assistance by the Bank to the dealers for setting up 'Kissan Seva Kendras'(KSKs).

The MoU was signed by Mr K R Sureshkumar, General Manager (Retail Sales) from Indian Oil and Mr B R Bhat, General Manager, Corporation Bank.

Speaking on the occasion, Mr Bhat said that the Bank would have the option of setting up of ATMs at the Indian Oil retail outlets across India, to provide banking facilities for customers on the move. This would enable the bank service a large number of customers without having to bring them into the Bank premises, he added.

Mr Sureshkumar said that Kissan Seva Kendras, the small format retail outlets of Indian Oil, seek to integrate the potential offered by the rural markets with satisfying the fuel and farming needs of rural customers very close to the doorsteps. KSKs predominantly sell diesel besides other farm requirements like, fertilizers,, seeds and farm implements creating substantial employment opportunities in the rural areas. The financial assistance from Corporation Bank would help the dealers chosen by Indian Oil in setting up the outlets as well as meeting their working capital requirements.

He said that Indian Oil has a countrywide marketing network of over 17,600 petrol and diesel Retail Outlets of which about 2100 are KSKs and 800 more KSKs are proposed to be added to this network during the current year.